Meng Xiankun cancelled the acquisition of an additional 18.45% stake in Shanghai Xintonglian Packaging Co., Ltd. from Cao Wenjie and Shanghai Wenjie Investment Consulting Partnership (Limited Partnership).
September 16, 2020
Share
Meng Xiankun entered into an agreement to acquire an additional 18.45% stake in Shanghai Xintonglian Packaging Co., Ltd. (SHSE:603022) from Cao Wenjie and Shanghai Wenjie Investment Consulting Partnership (Limited Partnership) for approximately CNY 370 million on October 24, 2019. Meng Xiankun will acquire 29.4 million shares (representing 14.7% stake) from Cao Wenjie for CNY 294 million and 7.5 million shares (representing 3.75% stake) from Shanghai Wenjie Investment Consulting Partnership (Limited Partnership) for CNY 75 million. The shares will be sold at CNY 10 per share. Prior to this change in equity, Cao Wenjie held 58.79% of the total share capital of Shanghai Xintonglian Packaging. Shanghai Wenjie Investment Consulting Partnership (Limited Partnership) held 3.75% of the total share capital of Shanghai Xintonglian Packaging. Cao Lifeng held 2.12% of the total share capital of Shanghai Xintonglian Packaging. After this change in equity, Cao Wenjie holds 44.09% of the total share capital of Shanghai Xintonglian Packaging. Shanghai Wenjie Investment Consulting Partnership (Limited Partnership) no longer holds shares in Shanghai Xintonglian Packaging. Cao Lifeng holds 2.12% of the total share capital of Shanghai Xintonglian Packaging.
Meng Xiankun cancelled the acquisition of an additional 18.45% stake in Shanghai Xintonglian Packaging Co., Ltd. (SHSE:603022) from Cao Wenjie and Shanghai Wenjie Investment Consulting Partnership (Limited Partnership) on September 17, 2020. Transaction got cancelled as due to current Corona pandemic Meng Xiankun failed to raise the funds required for this share transfer within a reasonable period of time, resulting in the failure of both parties to go to China Securities Depository and Clearing Co., Ltd. Shanghai Branch to apply for the transfer of relevant shares within the validity period of the agreement.
Shanghai Xintonglian Packing Co Ltd is a China-based company mainly engaged in the research and development, manufacture and sale of paper packaging and wood packaging products. The Company's main products include light packaging products and heavy packaging products. Light packaging products include light corrugated packaging products, while heavy packaging products contain heavy corrugated packaging products, wood packaging products and other combination packaging products. The Company is also engaged in providing total packaging solutions. The Company's products are mainly used in energy electrical, auto parts, elevators, photocopying, electronic communications, air-conditioning sanitary ware, fast food and chemical industries.
Meng Xiankun cancelled the acquisition of an additional 18.45% stake in Shanghai Xintonglian Packaging Co., Ltd. from Cao Wenjie and Shanghai Wenjie Investment Consulting Partnership (Limited Partnership).